The TYG, TYY, TYN, NTG and TTP quarterly distributions will be paid on Nov. 30, 2012 to stockholders of record on Nov. 23, 2012. For tax purposes, we currently expect 80 to 100 percent of each of TYG’s, TYY’s and TYN’s 2012 distributions to be characterized as qualified dividend income (“QDI”), with the remainder, if any, as return of capital; 90 to 100 percent of NTG’s 2012 distributions to be characterized as return of capital, with the remainder, if any, as QDI; and 80 to 100 percent of TTP’s 2012 distributions to be characterized as dividend income and capital gain, with the remainder, if any, as return of capital. A final determination of the characterization will be made in January 2013.

For book purposes, the source of distributions for TYG, TYY, TYN and NTG is estimated to be 100 percent return of capital, and the source of distributions for TTP is estimated to be approximately 60 to 70 percent ordinary income with the remainder as return of capital.

On Sept. 4, 2012, Tortoise Energy Independence Fund, Inc. (NYSE: NDP) declared its initial distribution of $0.4375 per share. The distribution will be paid on Nov. 30, 2012 to stockholders of record on Nov. 23, 2012. This distribution achieves NDP's target of a 7.0 percent annualized yield on its $25 public offering price. For tax purposes, we currently expect 60 to 80 percent of NDP’s 2012 distribution to be characterized as dividend income and capital gain, with the remainder as return of capital. For book purposes, the source of distribution is estimated to be approximately 60 to 80 percent ordinary income with the remainder as return of capital.

Fund

Ticker

MonthlyDistributionAmount

Tortoise Power and EnergyInfrastructure Fund, Inc.

TPZ

$0.1250

The TPZ monthly distributions will be paid on Dec. 31, 2012, Jan. 31, 2013 and Feb. 28, 2013 to stockholders of record on the respective dates of Dec. 21, 2012, Jan. 24, 2013 and Feb. 21, 2013. For tax purposes, we currently expect 80 to 100 percent of TPZ’s 2012 distributions to be characterized as ordinary income and capital gain, with the remainder, if any, as return of capital. TPZ will report the sources for these monthly distributions at the time of payment in the applicable Section 19(a) Notice.

You should not draw any conclusions about TPZ’s investment performance from the amount of these distributions or from the terms of TPZ’s distribution policy.

TPZ estimates that it has distributed more than its income and net realized capital gains; therefore, a portion of the distribution may be a return of capital. A return of capital may occur, for example, when some or all of the money that you invested in TPZ is paid back to you. A return of capital distribution does not necessarily reflect TPZ’s investment performance and should not be confused with “yield” or “income.”

About Tortoise Capital Advisors, L.L.C.

Tortoise Capital Advisors, L.L.C. is an investment manager specializing in listed energy investments. As of Oct. 31, 2012, the adviser had approximately $9.2 billion of assets under management in NYSE-listed closed-end investment companies, an open-end fund and other accounts. For more information, visit www.tortoiseadvisors.com.

Forward-Looking Statement

This press release contains certain statements that may include “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical fact, included herein are "forward-looking statements." Although the company and Tortoise Capital Advisors believe that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the company’s reports that are filed with the Securities and Exchange Commission. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Other than as required by law, the company and Tortoise Capital Advisors do not assume a duty to update this forward-looking statement.

Safe Harbor Statement

This press release shall not constitute an offer to sell or a solicitation to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer or solicitation or sale would be unlawful prior to registration or qualification under the laws of such state or jurisdiction.